Balfour Beatty reaches financial close on £230 million Coventry Street Lighting PPP Contract
11 August 2010
Balfour Beatty, the international infrastructure group, announces today that it has reached financial close on the £230 million PPP street lighting contract for Coventry City Council.
The 25-year concession will involve the design, installation and maintenance of 33,000 street lights and 6,000 signs and bollards, during the five-year capital investment period, and the ongoing maintenance of all existing and new equipment.
Balfour Beatty will invest equity of approximately £6 million into the concession.
Commenting on the contract award today, Balfour Beatty Chief Executive, Ian Tyler, said:
"We are delighted to have reached financial close for this contract. We look forward to a long-term partnership with Coventry City Council to transform the City’s street lighting."
This is Balfour Beatty’s fourth PPP street lighting concession, with existing projects in Sunderland, South Tyneside and Derby proceeding successfully.
Balfour Beatty plc
Tel 020 7216 6865
Notes to Editors:
Balfour Beatty also has a significant portfolio of non-PPP street lighting maintenance contracts with Wokingham Borough Council, Bracknell Forest Council, Somerset County Council and Wiltshire County Council as well as responsibility for street lighting maintenance within its North Yorkshire County Council and Westminster City Council highways maintenance contracts.
Balfour Beatty has a substantial infrastructure investments business.
In the UK, Balfour Beatty operates a portfolio of PPP concessions and also has interests in non-PPP assets. This portfolio consists of:
- North West Fire and Rescue, fire stations upgrade (preferred bidder)
- Nine major hospitals
- Ten major schools schemes in the UK, Oldham, Derby City and Ealing BSF at preferred bidder stage, and a technical education centre in Singapore
- Six roads schemes and four street lighting projects
- The London Underground power system
- A coastal defence pathfinder PPP
- Barking Power Station (non-PPP)
- Exeter International Airport (non-PPP)
- Blackpool International Airport (non-PPP)
- Thanet offshore high-voltage transmission scheme (non-PPP) at preferred bidder stage
In the US, this portfolio consists of:
- 17 US military housing projects for the Army, Navy and Air Force, on or near bases located in 20 states and Washington, DC
- Florida Atlantic University student accommodation
Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group operating in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world.